Experienced Trust Lawyer In Irwindale,CA

Estate planning can be a daunting task for some people. There are wills, trusts, and powers of attorney. No one wants to think about their own death, but it’s critical to have a plan before it’s too late. Discussing your wishes and having legally binding documents can save your heirs time and money after you’re gone. When you’re ready to take the next step in your estate planning, you need an Irwindale trust attorney.

Robert G. Petrovich, Attorney at Law, has over 43 years of experience. Whether you have a small estate or a large one, we can assist you in making the important decisions regarding your assets while you’re alive and after you’re gone.

The trust laws in California can be complex. You need an advocate to guide you through the trust process. Our former clients have commented that Mr. Petrovich is effective and accommodating. Don’t do this alone. Let us help you.

What Is a Trust?

A trust is a legal arrangement detailing how assets in your estate are managed and distributed to your designated beneficiaries. These distributions can be made while you’re still alive or after your death. It names beneficiaries and can provide for the management of trust assets if you become incapacitated due to an illness or mental health issue.

Assets distributed through a will may be subject to probate, a court-supervised process for distributing assets and administering the estate. In 2024, there were 63,609 probate filings in California. That same year, there were 13,525 probate filings in Los Angeles County Superior Court. Since Irwindale is in the Eastern District, these filings were made at the Civil Center in Pomona.

When a trust is in place before your death, your loved ones will potentially have less stress and fewer headaches in court. Trusts can also reduce disputes because you’ve made your final wishes both clear and legal.

Two Main Types of Trusts in California

You can hire a trust attorney to determine which can address your unique needs. There are two main types of trust:

• Revocable trust. This is also known as a living trust. It’s more flexible and can be changed at any time. You have control over your assets, who manages them, and who your beneficiaries are.

  A revocable trust lets you distribute funds to your children and other beneficiaries while you’re still alive. For example, a parent sets up a trust to allow their adult children access to funds at a certain age or milestone, like completing a college degree.

• Irrevocable trust. Once an irrevocable trust is signed, it can’t be changed. It’s drafted for the beneficiaries of your estate rather than for you. Assets transferred to an irrevocable trust are held and managed according to the trust’s terms for its beneficiaries. With this kind of trust, you can’t sell your house or take out a loan with your home as collateral.

Other Kinds of Trusts in California

There are other types of trusts that you can consider:

• Life insurance trust. This establishes the use of life insurance as a way to pay expensive inheritance taxes and other fees your heirs may face after your death.
• Special needs trust. If someone you love has special needs, having a trust to address their care is essential. A properly structured special needs trust also allows the person with special needs to continue to qualify for state benefits, like SSI and medical coverage, regardless of their personal assets.
• Charitable trusts. After you’re gone, you can leave your estate or a portion of it to the nonprofit organization of your choice.

A knowledgeable Irwindale trust lawyer can explain the details of each kind of trust to you. After reviewing your current assets and hearing your concerns, your attorney can handle your trust case and craft the legal documents you need for peace of mind.

Trustee vs. Beneficiary

Many people confuse a trustee with a beneficiary. In the California Probate Code, Division 9, which focuses on trust law, each role is defined.

• Trustee. Someone who manages the trust. They also distribute funds and assets based on the directives in the trust.
• Beneficiary. Someone who receives distributions from the estate.

A person can be named trustee and beneficiary, such as a surviving wife managing and receiving assets from the estate. There can’t be a sole trustee and sole beneficiary. This is a conflict of interest. For bigger estates or people with a high net worth, it’s common for a representative outside of the family to manage the estate.

Benefits of a Trust in Los Angeles County

No matter what the size of your estate is, it’s advisable to have a comprehensive plan, especially if you have children and other loved ones. There are several benefits to finding a capable attorney and drafting a trust:

• Asset protection. You decide what happens to your estate during your life and after you’re gone. You can determine when your children have access to the funds you’ve earmarked for them. There’s no need to worry about what can happen after you’ve passed away. Everyone can be taken care of within your trust.
• Probate avoidance. With your wishes detailed in a trust, your will and estate don’t have to go through the probate process. This saves your beneficiaries from having to wait a year or more for the distribution of your assets.
• Privacy. When the appropriate trust is in place, your estate and the details involved with it stay private. Anything filed in court, like a probate filing, can be accessed by anyone.

Hire a Trust Attorney in Irwindale

At Robert G. Petrovich, Attorney at Law, we take your trust case very seriously. Discussing your assets and the future of your family after your passing can be a difficult conversation. We use a compassionate approach with everyone. If you’re interested in estate planning and considering a trust, contact us today for a consultation. We can answer your questions and address your concerns. Let us show you how we can help with your plans for the future.

Montebello Legal Resources

• Estate Planning for Singles in California
• Estate Planning Mistakes to Avoid
• Essential Estate Planning Moves to Consider If You’re Getting Divorced in California
• Can You Leave Your California Home to Heirs While You’re Still Alive?
• Things You Can’t Do As a Power of Attorney